Tax Credits for New Home Purchases and First Time Homebuyers in California

$8,000 First Time Home Buyer Tax Credit

Now is a great time to be a first time home buyer with the $8,000 Federal Tax credit for qualifying first time home buyers valid for purchases through December 1, 2009. Recent guidelines for the credit are now allowing buyers using FHA insured loans to use the credit toward down-payment assistance.

For more information you can visit: http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

$10,000 California New Home Tax

California was allocated $100,000,000 for new home construction tax credit that is being paid through the California Franchise Tax Board (FTB). Unfortunately, as of July 3, 2009, the State of California has stop accepting any new applications as it is anticipated that the FTB will have depleted the funds allocated for this program shortly.

For more information you can visit http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml